The CBIC Issues the Foreign Exchange Rate for Imported and Exported Goods

On 15th December 2022, the Central Board of Indirect Taxes and Customs (CBIC) issued a Press Release in regard to the Exchange Rate for the Conversion of Foreign Currency for Imported and Exported Goods, which is deemed to be effective from 16th December 2022. The Press Release was issued in accordance with the powers conferred under Section 14 of the Customs Act 1962 (52 of 1962) and with the supersession of Notification No. – “101/2022-Customs (N.T.)” issued on 1st December 2022. The CBIC has determined the Exchange Rate for the Conversion of Foreign Currency for Imported and Exported Goods in column (2) of each Schedule I and II annexed with the Indian Currency along with the Rate mentioned against the corresponding entry in column (3).